In order to be considered for federal and state aid – and some scholarships – you must complete the Free Application for Federal Student Aid (FAFSA) each year. We encourage every eligible student to file a FASFA, regardless of whether you think you will qualify for any aid. The U.S. Department of Education administers the online FAFSA and millions of students complete the FAFSA each year.
- Remember to designate Penn College as the recipient of your FAFSA by using our federal school code: 003395.
- We encourage you to complete the FAFSA as early as possible each year.
- The 2022-23 FAFSA is needed for students starting or returning for Summer or Fall 2022 and/or Spring 2023.
- The 2023-24 FAFSA is needed for students starting or returning for Summer or Fall 2023 and/or Spring 2024. It becomes available on October 1, 2022.
- The Penn College priority submission deadline is March 1 each year.
- The 2022-23 FAFSA uses income from year 2020
- The 2023-24 FAFSA uses income from year 2021
Most students under the age of 24 will need to include information about their parent(s) on their FAFSA, even if they live separately or their parent(s) will not help them financially.
More information about dependent and independent students from Federal Student Aid.
What if your parents are divorced or separated or never married?
More information about which parent(s) to include, from Federal Student Aid.
https://studentaid.gov/apply-for-aid/fafsa/filling-outYou and, if needed, a parent, sign your FAFSA electronically using the FSA ID. If you do not have a FSA ID, you (and parent) should each create one at least 1-3 weekdays before you start your FAFSA. Create an FSA ID.
IRS Data Retrieval Tool (DRT)
The IRS Data Retrieval Tool (DRT) embedded within the FAFSA transfers IRS income and tax information from a taxpayer’s IRS tax return directly to the FAFSA. We highly recommend students and parents use the DRT because it:
- Simplifies your FAFSA completion process
- Reduces the odds of error on your FAFSA
- Reduces the likelihood that your FAFSA is selected for Federal Verification
About 1 out of 10 students who submit a FAFSA are selected by the U.S. Department of Education for a process called Federal Verification. The Financial Aid Office is here to assist you if you are selected.
Major Reduction in Family Income?
Some students and their families experienced a significant reduction in income since calendar year 2020. As a result, the financial data on the 2022-23 FAFSA may not reflect your family’s recent or current financial situation. This could be because of a job loss, reduced wages, divorce, separation, or another reason.
If you're an accepted or current student and your family’s 2021 or 2022 total income (both taxable and non-taxable) is significantly lower than it was in 2020, you may want to submit a Financial Hardship Notification form so we can better understand your circumstances to determine if a FAFSA adjustment is possible. Please contact us with any questions.
What Happens After I Submit My Financial Hardship Notification
- A Financial Aid team member reviews it.
- We will contact you via (Penn College) email if we need more information or have questions.
- If your Financial hardship Notification is for a reduction in income during 2022, we will contact you on or after July 1, 2022
- If we believe you may be eligible for additional federal aid based on your Financial Hardship Notification, we will email you a form with instructions on how to complete it and what documentation you need to provide.
- Please allow four weeks after we have all your documentation for further review and processing.
- We will notify you via email of the outcome after all processing is complete.
- If you are not eligible for additional federal aid or any other type of aid, we will contact you via email.
Explore the links below for additional resources to help before and after completing your FAFSA.
- Review FAFSA information from the U.S Department of Education.
- See Aid Notification for details on what to expect after you’ve filed your FAFSA.